ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2017
ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2017. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| | Unaudited 31 May 2017 | Audited 28 February 2017 |
| Pence | Pence | |
| Net Asset Value per share ("NAV") | 84.0 | 82.7 |
| Dividends paid to date* | 41.6 | 41.6 |
| NAV plus dividends paid to date | 125.6 | 124.3 |
* Dividends paid represents dividends paid in respect of the Original 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion. 'C' Shares were converted into Ordinary Shares on a one for one basis in 2009.
Dividends paid or declared
On 7 June 2017, the Company announced a final dividend for the year ended 28 February 2017 of 2.5p per share. Having received approval at the Annual General Meeting of the Company on 4 July 2017, the dividend will be paid on 14 July 2017 to shareholders on the register at 16 June 2017.
Investment portfolio summary at 31 May 2017
Portfolio summary
| Valuation | |
| Venture capital investments | £'000 |
| Third Bridge Group Limited | 11,004 |
| Rapid Charge Grid Limited | 5,299 |
| Dryden Holdings Limited | 4,716 |
| Blis Media Limited | 4,639 |
| APM Healthcare Limited | 4,062 |
| Disposable Cubicle Curtains Limited | 3,594 |
| Chess Technologies Limited | 3,557 |
| Sealskinz Holdings Limited | 3,189 |
| D3O Holdings Limited | 3,136 |
| MEL Topco Limited (t/a Maplin Electronics) | 2,006 |
| Other investments | 29,481 |
| 74,683 | |
| Cash at bank | 44,059 |
| Total | 118,742 |
Quoted investments are valued at the closing bid price at 31 May 2017, discounted where appropriate. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.
Investment activity during the three month period ended 31 May 2017
| £'000 | |
| Poq Studio Limited | 875 |
| Honeycomb.TV Limited | 495 |
| ContactEngine Limited | 137 |
| 1,507 |
Investment disposals
| | Cost | Market value at 1 March 2017 | Disposal proceeds | Gain against cost | Realised gain in period |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Skills Matter Limited | 170 | 170 | 170 | - | - |
| Celoxica Limited | 70 | 70 | 70 | - | - |
| 240 | 240 | 240 | - | - |
Investment activity from 1 June 2017 to the date of this announcement
Investment additions
| £'000 | |
| Perfect Channel Limited | 22 |
| 22 |
Investment disposals
| | Cost | Market value at 1 March 2017 | Disposal proceeds | Gain against cost | Realised gain in period |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| APM Healthcare Limited | 1,731 | 2,957 | 4,062 | 2,331 | 1,105 |
| Abzena plc | 791 | 652 | 987 | 196 | 335 |
| Celoxica Limited | 48 | 48 | 48 | - | - |
| Conversity Limited | 35 | - | 38 | 3 | 38 |
| 2,605 | 3,657 | 5,135 | 2,530 | 1,478 |
On 23 June 2017, the Company reached an agreement to sell its investment in Third Bridge Group Limited. Completion of the transaction is subject to legal and regulatory approvals and is expected before the end of July 2017.
| Changes to share capital | Ordinary Shares of 1.6187p each |
| As at 1 March 2017 | 98,501,050 |
| Shares bought back during the 3 months to 31 May 2017 | - |
| Shares issued during the 3 months to 31 May 2017 | 38,743,426 |
| As at 31 May 2017 | 137,244,476 |
In the period from 1 June 2017 to the date of this announcement, 428,525 Ordinary Shares were repurchased and subsequently cancelled.
Material events
Other than the matters described above, there were no material events during the period from 1 March 2017 to 31 May 2017 or in the period from 1 June 2017 to the date of this announcement.
Further information
Further information regarding the Company, can be found on Beringea's dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, the Investment Manager at provenvcts@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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